The rapid growth of the online shopping market in Turkey has attracted both foreign and domestic investors, according new market report by yStats.com. The country’s largest online retailer, Hepsiburada.com, received $100 million of investment in early 2015, while major online food ordering service Yemksepeti was acquired by Delivery Hero for more than half a billion dollars. As the market continues to develop, competition is expected to remain intense, the report said.
The B2C e-commerce market in Turkey, second largest in Eastern Europe, is also among the fastest growing. In 2015, online retail sales in the country grew by a medium-high double-digit share and are projected to grow still further this year.
Despite Turkey being the fifth largest Internet audience in Europe, Internet penetration in this country reached just above 50 per cent of the population in 2015. And only around one third of Internet users made purchases online that year, indicating that both Internet and online shopper penetration rates have room for growth, driving B2C e-commerce sales higher.
Clothing has emerged as a major product category in Turkey’s online retail. According to the research findings of yStats.com, it was popular both among male and female online shoppers in 2015 and was purchased by more than half of online shoppers overall. This trend spurs the popularity of online clothing retailers, such as Trendyol.com and Markafoni.com, which ranked as some of the most visited online shopping websites in the country in early 2016.
Another major characteristic of the B2C e-commerce market in Turkey is the rising importance of mobile shopping and social media.
The market report by yStats.com reveals that more than 50 per cent of online shoppers in Turkey admitted that their online buying decision is influenced by what they read on social media, according to a survey cited in the report. M-commerce development is driven by the increasing penetration of mobile Internet-enabled devices, already the most popular means of accessing the Internet. The major online retail competitors, such as online marketplaces GittiGidiyor and n11.com report rapid growth rates in mobile traffic and sales.